Entrepreneurs

hip

Chapter Seven

McGraw-Hill/Irwin Copyright 2011 by The McGraw-Hill Companies, Inc. All rights reserved.
 Entrepreneurship

Entrepreneurship
The pursuit of lucrative opportunities by
enterprising individuals.

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 Who is The Entrepreneur?

Figure 7.1
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 The Idea
A great product, a
viable market, and
good timing are
essential
ingredients in any
recipe for success.

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What Does it Take, Personally?

1. Commitment and determination

2. Leadership
3. Opportunity obsession
4. Tolerance of risk, ambiguity, and
uncertainty
5. Creativity, self-reliance, and ability
to adapt
6. Motivation to excel
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 Entrepreneurial Strategy
Matrix

Figure 7.2
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 Common Management
Challenges
You might not enjoy it
Survival is difficult
Growth creates new challenges
Its hard to delegate
Misuse of funds
Poor controls
Mortality

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 Success and Failure
Business
incubators
Protected
environments for
new, small
businesses

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 Increasing Your Chances of
Success
Opportunity analysis
A description of the good or service, an
assessment of the opportunity, an
assessment of the entrepreneur,
specification of activities and resources
needed to translate your idea into a
viable business, and your source(s) of
capital.

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 Opportunity Analysis

Table 7.3
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Outline of a Business Plan

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Outline of a Business Plan

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 Five Key Factors
The people
The opportunity
The competition
The context
Risk and reward

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 Nonfinancial Resources

Legitimacy
Networks
Top-Management Teams
Advisory Boards
Partners

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 Entrepreneurial Orientation

Entrepreneurial orientation
The tendency of an organization to
identify and capitalize successfully on
opportunities to launch new ventures by
entering new or established markets
with new or existing goods or services

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